Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution. The portfolio backs advantaged businesses where non-consensus views will be tested quickly, not requiring multi-year patience.
Full Quick Take
Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution. The portfolio backs advantaged businesses where non-consensus views will be tested quickly, not requiring multi-year patience.
Alphyn matched the S&P 500 in Q1 despite WANdisco's accounting fraud requiring a 50% markdown. Burford's $1.9-3.3 billion Argentina victory and strong performance from Fairfax and Exor offset the damage. The manager maintains his barbell strategy but will implement stricter guardrails on speculative positions and more frequent rebalancing to prevent concentration risk.
Full Quick Take
Alphyn matched the S&P 500 in Q1 despite WANdisco's accounting fraud requiring a 50% markdown. Burford's $1.9-3.3 billion Argentina victory and strong performance from Fairfax and Exor offset the damage. The manager maintains his barbell strategy but will implement stricter guardrails on speculative positions and more frequent rebalancing to prevent concentration risk.
